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Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
 With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it would be interesting to do a little comparison as to the state of the market and how things were viewed during the last Posidonia two years ago and comparatively where we find ourselves today. It has been quite a bumpy ride with many twist and turns that one might say were unexpected. Through this we found ourselves in both times of lucrative opportunities as well as times of despair. But the question remains, how have the markets faired so far and is there something positive to look forward to in the future, or putting it more bluntly is it going to be a Posidonia of smiles and parties or one of pitiful sobbing and long faces?
It seems only yesterday that Posidonia 2012 was kicking off and many could see much in the horizon to worry about and concern over. The difficulties of the Post-Financial crisis had just started their most prominent face. Freight rates had just had one of their most significant drops during the first half of the year, dropping to highly uninspiring levels (in some cases below OPEX) and staying there for months on end. The over-swollen orderbook of the past had finally caught up with us with ever more newbuildings entering active ser- vice and pushing the market into further oversupply. What’s more, is that this felt like only the begging as there was still a large number of vessels scheduled for delivery over the rest of 2012 and the majority of 2013. Ship finance had all but halted in its tracks with a number of prominent shipping banks announcing that they were putting their portfolios up for sale. And the troubles seem to not just end there. Downgrading of a series of A-list banks as well government credit ratings, continually falling economic growth figures for the global economy and no light to be seen at the end of the dark tunnel we were in. Hope was there for 2014 but it seemed such a long way away and many felt as if things would get a whole lot worse before they got better.
So what happened to all these worries and concerns in the end and what effects did they end up having for the market? The freight market continued to hold at fairly depressed levels up until early September 2012 and even then the peak period of the autumn and winter months was considerably subdued compared to other years. This lead to a series of drops in the Secondhand and newbuilding markets as Sellers and Shipbuilders started to become more realistic with regards to the prevailing market conditions. As these drops started to become ever more prominent buying activity started to peak. 2012 proved to have a higher volume in secondhand transac- tions then 2011 and with prices continuing their drop ever more buyers, who had been waiting in the sidelines with cash at hand, started to toy with the idea of acting on their instincts. We therefore found ourselves reaching the asset price lows of late 2012 and with the start of the new year a buying frenzy began. This buying frenzy was not just limited to secondhand units any more. New orders started to pie on, as many felt that by the time they would be deliv- ered there would not be a dark cloud in sight. This ever increasing interest had a strong effect on prices and although freight rates were still holding at rock bottom levels the longer term picture was looking more promising while many felt that there was a strong case for asset play. This was all up until September, were this time around the seasonal boom in the freight market was significant to such an extent that it reached levels last seen in 2010. This fed fur- ther into the buying loop push asset prices off the roof.
Come 2014 and the sentiment and optimism started to fade as the freight market started to take a hit or two. The once hopeful pro- spects of 2014 started to show a darker side. It seems as though the troubled global economy is not out of the woods yet and has several obstacles to overcome before everything is back to nice and rosy again. The strong hold of China that has been keeping the global economy in motion these past years has showed signs of strain through its troubled financing sector. Shadow financing has played a pivotal role in keeping the ball rolling in the past as we have men- tioned before and as the government starts to put pressure on this excess lending traders have found it difficult to cover their credit requirements, even backing off from trades due to lack of credit lines. All these have started to now take effect on the Sale and Pur- chase of vessels as well, with the price momentum of the past now coming to a halt and starting to show small signs of weakening.
So where do we find ourselves today? It seems that there is still a long way to go before the market finds a more stable foothold and we see the upside of the typical market cycles. Global Growth has recently been revised slightly up and it looks like the second half of 2014 will be more optimistic than the first. Nevertheless, the order- ing frenzy that took place during the past year has gradually lead to a much larger orderbook and this might put further strain on the balance between supply and demand. The much anticipated recov- ery might not be there just yet, however it looks as though we are on a good path for now and there are still plenty of opportunities to be had. Let’s hope things will only get better from here on out.
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 12 May 14
DRY BULK MARKET IS STILL STRUGGLING TO FIND FIRM FOOTING
COALspot.com: The freight market continued to be weak and the BDI closed slightly lower at 997 points or fell 1.96 pct week on week. The cape in ...
Friday, 09 May 14
RBCT SHIPPED 5.4 MMT OF COAL IN APRIL
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest coal export terminal in the world, shipped 5.45 million to ...
Friday, 09 May 14
DRY BULK MARKET: BANKRUPTCY TONNAGE UNLEASHED
Drewry’s latest Dry Bulk Forecaster saw freight rates on most routes declined in 2014’s first quarter as the previous quarter’ ...
Friday, 09 May 14
UNITED STATES COAL PRODUCTION SLIGHTLY SLIDES TO 82.4 MMST IN APRIL
COALspot.com – United States the world's second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal i ...
Thursday, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
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Showing 3711 to 3715 news of total 6871 |
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- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
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